Speculation refers to buying and selling securities with the hope of profiting from price changes. A speculator buys securities expecting the price to rise, and then sells at a higher price to make a profit. The terms "bull" and "bear" market come from the way each animal attacks - bulls thrust their horns up and bears swipe down, similar to stock price movements. Bulls buy anticipating rising prices in a bullish market. Bears sell anticipating falling prices in a bearish market. A stag speculates by subscribing to new stock issues with the intent to quickly sell for a profit. A lame duck bear struggles to fulfill obligations when unable to obtain securities to sell as agreed